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A análise económica e financeira das empresas vitivinícolas: as empresas portuguesas e da Península de Setúbal
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Advisor(s)
Abstract(s)
A produção de vinho é uma atividade relevante que tem acompanhado o Homem desde tempos remotos e assume particular importância na história do país e da Península de Setúbal.
O tema do presente trabalho assenta na análise económica e financeira das empresas portuguesas e das empresas da Península de Setúbal, do setor vitivinícola, nos anos de 2015 a 2019.
O objetivo e a questão fulcral desta dissertação, prende-se com a compreensão e explicação do desempenho económico-financeiro baseadas num conjunto de indicadores ou rácios económicos e financeiros. Para tal, recorreu-se ao Sistema de Análise de Balanços Ibéricos (SABI) da Informa D&B (filial da CESCE - Companhia Espanhola de Seguro de Crédito à Exportação).
Relativamente às ilações que se podem retirar do perfil económico e financeiro desenhado pela análise referida, contata-se que as empresas da Península de Setúbal denotam uma estrutura financeira com um maior peso do capital próprio em relação ao financiamento, o que prejudica a alavancagem financeira, sendo que o recurso ao financiamento alheio é pouco expressivo.
Também se verifica a tesouraria líquida negativa, exceto nas pequenas empresas da Península de Setúbal, revelando a importância dos inventários no ciclo de exploração.
Adicionalmente, constata-se que todas as empresas em estudo apresentam um equilíbrio financeiro, dado que, em todos os anos apresentam um rácio de liquidez geral superior a 1 (um).
As microempresas, quer de Portugal, quer da Península de Setúbal, possuem fraca capacidade em gerar lucros, chegando a apresentar rentabilidades negativas, com índices de menor valor. As empresas com maior rentabilidade e, assim, com capacidade de gerar excedentes, são as médias e grandes empresas de Portugal, bem como, as pequenas e médias empresas da Península de Setúbal. A rentabilidade dos capitais próprios é maior nas empresas de Portugal, relativamente, às empresas da Península de Setúbal.
O índice das vendas e prestações de serviços por empregado melhoram com o aumento da dimensão empresarial, mostrando-se mais rentáveis. Os gastos com o pessoal no volume de negócios são mais significativos nas microempresas das empresas de Portugal e nas microempresas e pequenas na Península de Setúbal. O gasto médio por pessoal vai crescendo com a dimensão empresarial, nas empresas do estudo.
Embora o setor vitivinícola seja, maioritariamente constituído por microempresas, são as grandes empresas que apresentam maior rentabilidade.
Wine production is a relevant activity that has accompanied Man since ancient times and assumes particular importance in the history of the country and the Setúbal Peninsula. The theme of this work is based on the economic and financial analysis of Portuguese companies and companies in the Setúbal Peninsula, in the wine sector, from 2015 to 2019. The objective and the main issue of this dissertation is related to the understanding and explanation of the economic-financial performance based on a set of economic and financial indicators or ratios. For this purpose, the Iberian Balance Sheet Analysis System (SABI) of Informa D&B (a subsidiary of CESCE - Spanish Export Credit Insurance Company) was used. Regarding the lessons that can be drawn from the economic and financial profile drawn by the aforementioned analysis, it is noted that the companies in the Setúbal Peninsula denote a financial structure with a greater weight of equity in relation to financing, which hinders financial leverage, and recourse to third-party financing is not very expressive. There is also a negative net treasury, except for small companies in the Setúbal Peninsula, revealing the importance of inventories in the exploration cycle. Additionally, it appears that all companies under study present a financial balance, given that, in all years, they present a general liquidity ratio higher than 1 (one). Microenterprises, whether in Portugal or in the Setúbal Peninsula, have a weak capacity to generate profits, even presenting negative returns, with lower value indices. The companies with the highest profitability and, therefore, with the capacity to generate surpluses, are the medium and large companies in Portugal, as well as the small and medium companies in the Setúbal Peninsula. The return on equity is higher in companies in Portugal, compared to companies in the Setúbal Peninsula. The index of sales and services rendered per employee improves with the increase in the business dimension, proving to be more profitable. Personnel expenses in turnover are more significant in microenterprises of companies in Portugal and in microenterprises and small businesses in the Setúbal Peninsula. The average expenditure per staff grows with the business dimension, of the companies in the study. Although the wine sector is mostly made up of micro-enterprises, it is the large companies that present the greatest profitability.
Wine production is a relevant activity that has accompanied Man since ancient times and assumes particular importance in the history of the country and the Setúbal Peninsula. The theme of this work is based on the economic and financial analysis of Portuguese companies and companies in the Setúbal Peninsula, in the wine sector, from 2015 to 2019. The objective and the main issue of this dissertation is related to the understanding and explanation of the economic-financial performance based on a set of economic and financial indicators or ratios. For this purpose, the Iberian Balance Sheet Analysis System (SABI) of Informa D&B (a subsidiary of CESCE - Spanish Export Credit Insurance Company) was used. Regarding the lessons that can be drawn from the economic and financial profile drawn by the aforementioned analysis, it is noted that the companies in the Setúbal Peninsula denote a financial structure with a greater weight of equity in relation to financing, which hinders financial leverage, and recourse to third-party financing is not very expressive. There is also a negative net treasury, except for small companies in the Setúbal Peninsula, revealing the importance of inventories in the exploration cycle. Additionally, it appears that all companies under study present a financial balance, given that, in all years, they present a general liquidity ratio higher than 1 (one). Microenterprises, whether in Portugal or in the Setúbal Peninsula, have a weak capacity to generate profits, even presenting negative returns, with lower value indices. The companies with the highest profitability and, therefore, with the capacity to generate surpluses, are the medium and large companies in Portugal, as well as the small and medium companies in the Setúbal Peninsula. The return on equity is higher in companies in Portugal, compared to companies in the Setúbal Peninsula. The index of sales and services rendered per employee improves with the increase in the business dimension, proving to be more profitable. Personnel expenses in turnover are more significant in microenterprises of companies in Portugal and in microenterprises and small businesses in the Setúbal Peninsula. The average expenditure per staff grows with the business dimension, of the companies in the study. Although the wine sector is mostly made up of micro-enterprises, it is the large companies that present the greatest profitability.
Description
Keywords
Vinho Setor vitivinícola Análise económico-financeira Indicadores Rácios Península de Setúbal Wine Wine sector Economic-financial analysis Indicators Ratios